understanding Market research and business modelling for middle school students 1)what is market research and why is it important? 2)what is business modelling and how it helps the business to grow?

1. MARKET RESEARCH

2. What is MARKET RESEARCH?
• the process of evaluating
the feasibility of a new
product or service,
through research
conducted directly with
potential consumers.

4. Let me give an example
• Say you want to make a chocolate and sell it
to the kids

5. Who is your rival in the market?

6. Why kids like 5 star?
• Low cost
• Advertising(ramesh and suresh)
• Big in size
• Easily available
• Brand value(cadbury)

7. So you need a chocolate that is?
• Affordable
• Reachable
• Tasty
• Big in quantity
• Something that attracts kids
(maybe a sticker or a toy)

8. What did we do here?
• Instead of directly going to make a chocolate
we tried to think from the view of the
consumer: what he wants,how he likes it etc.
• This method of systematic collection, analysis,
and interpretation of data is called market
research

9. Types of market researches
1. Primary Market Research
2. Secondary Market Research

10. Primary market research
• where organizations or businesses get in
touch with the end consumers or employ a
third party to collect data.
• data collected through some of the commonly
used qualitative research methods like:

11. 1. Focus groups:
Focus group is a small group of people (6-10) who
typically respond to online surveys sent to them.
– information can be collected remotely,
2. One-to-one interview:
– Here researcher asks a series of questions to collect
information or data from the respondents.
– The questions are mostly open ended questions and
asked in a way to facilitate responses.

12. Secondary market research
• Information that is organized by outside source
like government agencies, media, chambers of
commerce etc.
• This information is published in newspaper,
magazines, books, company website, free
government and non-government agencies and
so on.

13. Is market research really important?
• It provides information about the value
of existing and new products
• helps in determining what the customers
need and want.
• By understanding the needs of
customers,we can also forecast their
production and sales.

14. Steps to conduct Market research

15. BUSINESS MODELLING

16. SO?
• Understanding the problem you are solving for
your customers is undoubtedly the biggest
challenge you’ll face when you’re starting a
business.
• Customers need to want what you are selling
and your product needs to solve a real problem.

17. • The other key ingredient is figuring out how
you’re going to make money.

18. Here comes business model
• What is Business Model?
business model is a description of how
your business makes money. It’s an
explanation of how you deliver value to
your customers at an appropriate cost.

19. Basically it is
1. Everything it takes to make something:
2. Everything it takes to sell that thing: .
3. How and what the customer pays:

20. Kinds of business models
• There are many we will go one by one
»Walk with me

21. 1. Advertising
• model revolve around creating content that
people want to read or watch and then
displaying advertising to your readers or
viewers.

22. 2.Crowdsourcing
• If you can bring together a large number of
people to contribute content to your site, then
you’re crowdsourcing

23. 3.Low-touch
• With a low-touch business model, companies
lower their prices by providing fewer services.